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Mortgage applications from mortgage lenders were down 8.7% last week. This was partially due to the raise in mortgage interest rates last week. Applications for refinances were also down 21.3% compared to last year. About 37.4% of mortgage applications were for refinancing.

The average rate on a 30-year mortgage is about 6.57% and for a 15-year mortgage 6.14%. A one year ARM is the worst deal at about 7.22%. Even though there may be a lot of houses on the market, unless you find a great deal, it might not be the best time to buy a house.